Company registration number: 07035911 Charity registration number: 1135188
The Florence Trust Ltd
known as
Florence Trust
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 July 2024
Daryl Denson ACMA Dudson Centre Hope Street Stoke-on-Trent ST1 5DD
The Florence Trust Ltd
known as Florence Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 to 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 to 21 |
The Florence Trust Ltd
known as Florence Trust
Reference and Administrative Details
Trustees Alistair Howick, Chair from 1st Jan 2025 Simon Lewandowski Paul Bayley Georgia Lauren Stephenson Charity Registration Number 1135188 Company Registration Number 07035911 The charity is incorporated in England. Registered Office Holy Trinity Cloudesley Square London N1 0HN Independent Examiner Daryl Denson ACMA Dudson Centre Hope Street Stoke-on-Trent ST1 5DD
Page 1
The Florence Trust Ltd
known as Florence Trust
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 July 2024.
Objectives and activities
Objects and aims
The aim of the Trust is to promote for the public benefit, education in the arts and the crafts, in the first instance by the provision of tuition and facilities and opportunities for participation in arts and crafts activities at Edmonton Charity Girls School, 24 Church Road, Edmonton Green, London, N99 DU.
The Florence Trust provides affordable/subsidised studio space and when the appropriate building is available a dynamic mentoring program with subsidised studio programme in London for around 15 artists as well as visiting artists. The program is designed to support our artists' artistic and professional development through mentoring, group critiques, shows and funding support.
We also provide opportunities for the public to engage with our artists and their work via our exhibition programme and open DYE garden project, as well as through our website and newsletter. Whilst the Trust is between residency buildings it has also been supporting artists from across the UK with funding and critical support.
The trust has continued to work at its meanwhile affordable studio space in Edmonton while looking for a long-term home for its residency programme. We have had our time at N9 extended into April 2025 and continue to work with London Heritage at risk in delivering the building to its next phase of development.
We will be continuing to provide community outreach projects centred around natural dye making, with partner organizations in the community.
Public benefit
The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. The Trust delivers its public benefit via the “Objectives and activities” outlined above, the specifics of which for the year 2023/24 are reviewed in the section “Achievements and performance".
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 2
The Florence Trust Ltd
known as Florence Trust
Trustees' Report
Achievements and performance
The Florence Trust currently operates two sites. N 9 (Edmonton Green) is run purely as affordable studio space for local artists and Holy Trinity is run as the Florence Trust Residency Space.
N9
Since 06/22 we have run “Edmonton Girls Charity School” as affordable studio space priced between £10 and £15 sqft (pa) or £0.90p - £1.40.
The project was Yuka’s idea after having established a partnership with “London Historic Buildings Trust”. We investigated several other buildings with them before settling on Edmonton. We were offered this building for 1 year while they got their funds in place for a regeneration project to save this “at risk” building.
Steven & Yuka spent 1 month and £7,000 creating 6-8 affordable studios for local artists. This work included a full clearance of the site, (Grade II Victorian), partial replaster, painted throughout, some floors painted, repair of all doors, some new wiring and fire safe, new glazing x 8 and moving the kitchen.
The term has just been extended to June 2025.
We have spent a lot of time accommodating the LHBT and their project, with many site visits and events being held. This partnership has opened up links and opportunities across London, with the FT recently being invited to LHBT birthday celebrations with us being
the held up as a great use example and partnership.
As part of this work, we subsidise several spaces to young local artists including Ben, in the film. Coupled to this, Steven & Yuka’s own studio businesses have directly sponsored equipment (new iPad pro) for the artist as well as solo show, with him paying, 50% of the cost back to The Florence Trust, each month, as part of his studio fee over the next 12 months. This represents an investment of £1,500 from their companies and a donation to the FT of £600 over 12 months.
This building has full occupancy with a total current rent delinquency of £725.
Page 3
The Florence Trust Ltd
known as Florence Trust
Trustees' Report
Holy Trinity
In mid-November 2023 we took over Holy Trinity, Cloudlesley Square, on a 15-month lease, to reactivate the Residency programme for 1 year.
This opportunity came after Steven approached the Diocese. We had been offered the building in 2020 but the cost then was prohibitive.
Following a complete clean out of the building and grounds by Steven & Yuka the studio build was completed by the end of January and Artists began moving in from January 20th.
The final cost, including labour was just over £20,000, from an opening budget of £16,000, which we added to from the profit of N9 during the build out period. Steven is still owed £1000 in labour. The final figure includes a partial rewire (£3,200) as well as installation of new fire system (£2,000) and the purchase of a lot of heating equipment to replace the unusable boilers and ensure safety (£1500), equipment rental (£1,000) Skips (£1200), Lighting (£700) and so on.
All of the timber and equipment is ours to remove from the building if and when we leave.
It was decided early on that due to the tight time frame, artists would be invited, and we would not run an open application as per tradition. Steven invited 3 artists and Andy Wicks (former Florence Trust Chair & Trustee and Director of Castor Gallery) invited the other 5. 2 artists come with collaborative partners. The final artist to join (after Fabians show) we did run an open call for and teams interviews as part of the application process.
The Artists are receiving the usual residency support as well as highly subsidised studios costing 50% of the current studio rate, enabling them to take bigger spaces and make more adventures work, during their period at the Trust.
Castor gallery was invited by the directors to be the gallery in residence for 1 year, as we wanted to have an ongoing programme of shows, something the Trust could not afford to do alone. Castor paid for the building of their space and running their program as well as a monthly rent. The gallery program was to link up with the workshops in natural dye making (a feature we carried over from the static studios period at st saviours 2019-22) as well as workshops for children, partnering with the New river primary school, again a carry-over from our summer kids workshops at St Saviours 2020-22.
The FT sponsored the artist’s studio for Castors first solo show “Fabian Ramirez” and is also sponsoring the “Writers Room” programme, being curated by “Wild Pansy Press” (run By Chris Taylor and Simon Lewandowski - Steven’s professors from Leeds University).
Thanks to Simon for doing 90% of the work in preparing the writers room (vestry) and getting the programme in place.
Steve & Yuka are part funding “The Writers Room” with £300 pcm from different C.I.C studio companies they own, as part of their own social outreach work. We’ve so far had three different artists and writers work from this space, allowing the entire residency intake to have a reason to stop and meet for Yuka’s “Coffee & Cake” breaks, which have been really well received amongst a group of artists who otherwise have many obligations and deadlines.
Steven & Yuka are running a mailing list for local residents and keeping them informed of opportunities and shows.
Page 4
The Florence Trust Ltd
known as Florence Trust
Trustees' Report
Part of our remit is to be seen to be open to the community and be doing outreach as part of the Diocese need to get National Lottery heritage funding and we’ve been very successful in doing this. The LDF see us as a vital partner for this model of building regeneration. This does take up a lot of our time, as we have several visits each week from architects surveyors, funders and contractors.
We have sponsored more workshops (seven days in total - free to local residence) as well as donated a huge sculpture of a dog (in the form of a hedge) to the local school. We also have Open House London in the diary and on the programme. This will be our open studio event and we are planning a final end of residency show to align with the London Art Fair.
We have made some tentative approaches to the owners of the Design Centre and we are also close friends with their close friend, retired architect and advisor to the Diocese, David Gibson.
The two buildings combine around £2,000 a month of profit after all costs, including the payments to Steven and Yuka of £750 pcm each have been covered.
Summary
It’s a good start but more work is needed around branding, coms and website. This work has begun but there’s a long way to go.
Steven & Yuka are continuing conversations with many parties about potential new and long-term sites including one that Steven has just been party to signing a long term lease on in the city of London, through his work with the Creative Land Trust.
Since 2019 we’ve come close on several buildings, some of which we’ve been working on for more than four years (Archway hospital campus). There have been many applications (8) and plans made without success. We’ve viewed a total of 16 buildings, from Waltham Forrest to Deptford across to Hampton and an island in the Thames.
Steven is also speaking to several developers directly about being put into 106 planning applications for long term sites and is also in conversations with Newham, Ealing and Hammersmith councils about unused building stock.
The Diocese of London has also expressed a desire to offer further buildings to us on a similar basis to Holy Trinity.
Financial review
The financial results are on pages 9-21 of this report.
Page 5
The Florence Trust Ltd
known as Florence Trust
Trustees' Report
Policy on reserves
At the end of year 2023 we invested heavily in building out a brand new space (Holy Trinity) to reactivate the FT residency program as well as community focused gallery project.
The cost of this build ran slightly over budget £14,500 against an actual spend of £18,533.
While we do have a reserve policy of £8,000 to be held at any time, as a contingency, it was also decided that this was one opportunity where we could justify using that surplus to invest in the longterm future of the trust.
Since December 2023, and the work we did at Holy Trinity we have continued to run a very busy program while putting money back into the account and were, in November 2024 asked to take on another building, where we created yet more affordable studios and revenue/ profit. We are (as I write) sitting (despite the Dollis Hill build being circa £9,000) with c£12,000 in reserve and on target to have accumulated £26,000 by 11/2025, when our term at Holy Trinity is currently set to end.
The board of trustees has been fully behind all of these works and are very secure that we are in a solid financial position."
At the end of the year the unrestricted reserves were negative.- £1,951 (2023:£6,847)
Going concern
The directors are confident that they can meet the liabilities of the Trust and have increased the reserves from -£1,951 at the year end to £18,000 at the time of signing.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Alistair Howick, Chair from 1st Jan 2025 Andrew Wicks, Chair until 1st Jan 2025 (resigned 1 January 2025) Simon Lewandowski Paul Bayley (appointed 1 November 2024) Georgia Lauren Stephenson (appointed 6 November 2024)
Structure, governance and management
Nature of governing document
At a trustees meeting of The Florence Trust Ltd on 22nd May 2018 the trustees passed the following resolution: 'The Florence Trust Ltd (Charity Number 1135188 and Company Number 07035911) as the corporate Trustee for the Florence Trust (Charity Number 800443) do hereby resolve to wind up the Florence Trust Charity Number 800443) as from the end of current financial year which terminates on the 31st July 2018. At the point of dissolution all remaining assets of the Trust once all liabilities and debts have been cleared shall be gifted in perpetuity to The Florence Trust Ltd (Charity Number 1135188 and Company Number 07035911).'
From 1st August 2018, The Florence Trust has been governed by The Florence Trust Ltd as an incorporated charity established in 2009 and registered with the Charity Commission (1135188) and Companies House (07035911).
Page 6
The Florence Trust Ltd
known as Florence Trust
Trustees' Report
Recruitment and appointment of trustees
New trustees are recruited and appointed by the existing trustees from time to time to provide relevant experience and technical support to the charity. Appropriate induction and training is provided if considered necessary.
Major risks and management of those risks
Principal Risk
We regularly revisit and review those risks to the Trust and its program identified through our regular Trustee Meetings and we undertake steps to mitigate them.
The challenging nature of operating within a Grade II listed building on a meanwhile basis continues to be our primary concern for the long-term viability of the trust.
We currently manage this building very well, conducting regular inspections of the grounds, guttering and internal spaces to make sure any changes and needed works are carried out and reported back to the building’s trustees.
We continue to search for a new long-term home for the trust and this work is done on a voluntary, unpaid basis.
We currently manage this building very well, conducting regular inspections of the grounds, guttering and internal spaces to make sure any changes and needed works are carried out and reported back to the trustees of the building.
We are currently in different stages of talks across 10 other buildings in London as well as actively pursuing extensions on the buildings currently operated by the trust
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:16/04/2025
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......................................... Alistair Howick Trustee
Page 7
The Florence Trust Ltd
known as Florence Trust
Independent Examiner's Report to the trustees of The Florence Trust Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2024.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of The Florence Trust Ltd as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Daryl Denson ACMA
Dudson Centre Hope Street Stoke-on-Trent ST1 5DD
22/04/25 Date:.............................
Page 8
The Florence Trust Ltd
known as Florence Trust
Statement of Financial Activities for the Year Ended 31 July 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 |
Unrestricted funds £ 600 47,870 48,470 (57,268) (57,268) (8,798) (8,798) 6,847 (1,951) |
Total 2024 £ 600 47,870 |
|---|---|---|
| 48,470 | ||
| (57,268) | ||
| (57,268) | ||
| (8,798) | ||
| (8,798) 6,847 |
||
| (1,951) |
The notes on pages 12 to 21 form an integral part of these financial statements. Page 9
The Florence Trust Ltd
known as Florence Trust
Statement of Financial Activities for the Year Ended 31 July 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Charitable activities 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 |
Unrestricted funds £ 21,632 21,632 (16,326) (16,326) 5,306 5,306 1,541 6,847 |
Total 2023 £ 21,632 |
|---|---|---|
| 21,632 | ||
| (16,326) | ||
| (16,326) | ||
| 5,306 | ||
| 5,306 1,541 |
||
| 6,847 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 13.
The notes on pages 12 to 21 form an integral part of these financial statements. Page 10
The Florence Trust Ltd
known as Florence Trust
(Registration number: 07035911) Balance Sheet as at 31 July 2024
| Note Current assets Debtors 9 Cash at bank and in hand 10 Creditors: Amounts falling due within one year 11 Total assets less current liabilities Creditors: Amounts falling due after more than one year 12 Net (liabilities)/assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 13 |
2024 £ 2,537 1,437 3,974 (3,772) 202 (2,153) (1,951) (1,951) (1,951) |
2023 £ 2,556 13,133 |
|---|---|---|
| 15,689 (4,190) |
||
| 11,499 (4,652) |
||
| 6,847 | ||
| 6,847 | ||
| 6,847 |
For the financial year ending 31 July 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 9 to 21 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:16/04/2025
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.........................................
Alistair Howick Trustee
The notes on pages 12 to 21 form an integral part of these financial statements. Page 11
The Florence Trust Ltd
known as Florence Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
1 Charity status
The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
The Florence Trust Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 12
The Florence Trust Ltd
known as Florence Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 13
The Florence Trust Ltd
known as Florence Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 14
The Florence Trust Ltd
known as Florence Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Page 15
The Florence Trust Ltd
known as Florence Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
3 Income from donations and legacies
| Donations and legacies; Donations from individuals |
Unrestricted funds General £ 600 600 |
Total 2024 £ 600 |
|---|---|---|
| 600 | ||
| Total 2023 £ - |
Page 16
The Florence Trust Ltd
known as Florence Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
4 Income from charitable activities
| Rental Income Rental Income 5 Expenditure on charitable activities Activities undertaken directly Activities undertaken directly Staff and personnel costs Telephone Bank Charges Rent Insurance Repairs and Maintenance Sundry Utilities Interest |
Unrestricted funds General £ 47,870 Unrestricted funds General £ 21,632 Unrestricted funds General £ 56,280 Unrestricted funds General £ 15,532 Activity undertaken directly £ 9,780 1,093 84 7,250 3,822 27,164 1,074 6,013 156 56,436 |
Total 2024 £ 47,870 |
|---|---|---|
| Total 2023 £ 21,632 |
||
| Total 2024 £ 56,280 |
||
| Total 2023 £ 15,532 |
||
| 2024 £ 9,780 1,093 84 7,250 3,822 27,164 1,074 6,013 156 |
||
| 56,436 |
Page 17
The Florence Trust Ltd
known as Florence Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
| Staff and personnel costs Activities Telephone Bank Charges Rent Insurance Repairs and Maintenance Sundry Utilities Interest |
Activity undertaken directly £ 1,130 800 667 84 3,657 825 2,704 717 4,732 216 15,532 |
2023 £ 1,130 800 667 84 3,657 825 2,704 717 4,732 216 |
|---|---|---|
| 15,532 |
In addition to the expenditure analysed above, there are also governance costs of £832 (2023 - £794) which relate directly to charitable activities. See note 6 for further details.
6 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements Independent examiner fees Examination of the financial statements |
Unrestricted funds General £ 832 832 Unrestricted funds General £ 794 794 |
Total 2024 £ 832 |
|---|---|---|
| 832 | ||
| Total 2023 £ 794 |
||
| 794 |
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
Page 18
The Florence Trust Ltd
known as Florence Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
8 Taxation
The charity is a registered charity and is therefore exempt from taxation.
9 Debtors
| Prepayments 10 Cash and cash equivalents Cash at bank 11 Creditors: amounts falling due within one year Bank loans Other loans Accruals |
2024 £ 2,537 2024 £ 1,437 2024 £ 2,640 300 832 3,772 |
2023 £ 2,556 |
|---|---|---|
| 2023 £ 13,133 |
||
| 2023 £ 2,640 - 1,550 |
||
| 4,190 |
Page 19
The Florence Trust Ltd
known as Florence Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
Bank borrowings
Bounce Back Loan Scheme is denominated in £ with a nominal interest rate of 2.5% (2023 - £3), and the final instalment is due on 30 June 2026. The carrying amount at year end is £4,793 (2023 - £7,292).
No repayments required for the first 12 months.
12 Creditors: amounts falling due after one year
| Bank loans 13 Funds Unrestricted funds General General Funds Unrestricted funds General General Funds |
Balance at 1 August 2023 £ 6,847 Balance at 1 August 2022 £ 1,541 |
Incoming resources £ 48,470 Incoming resources £ 21,632 |
2024 £ 2,153 Resources expended £ (57,268) Resources expended £ (16,326) |
2023 £ 4,652 |
|---|---|---|---|---|
| Balance at 31 July 2024 £ (1,951) |
||||
| Balance at 31 July 2023 £ 6,847 |
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The Florence Trust Ltd
known as Florence Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
14 Analysis of net assets between funds
| Current assets Current liabilities Creditors over 1 year Total net assets Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted funds General £ 3,974 (3,772) (2,153) (1,951) Unrestricted funds General £ 15,689 (4,190) (4,652) 6,847 |
Total funds at 31 July 2024 £ 3,974 (3,772) (2,153) |
|---|---|---|
| (1,951) | ||
| Total funds at 31 July 2023 £ 15,689 (4,190) (4,652) |
||
| 6,847 |
15 Related party transactions
There were no related party transactions in the year.
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